Lagos Brokers is a manufacturer of curtains and engages in numerous import and export activities. Lagos receivables and payables in foreign currency units before year-end adjustments on December 31, 2019 are summarized as follows:

                                                            Rate on

Foreign                       Currency         Date of            Current Rate            Settlement Rate

Currency                     Units               Transaction   12/31/19         in 2020

Accounts Receivable

British Pds                 40,000            1.280                $1.32                $ 1.350               

Euros                          70,000            1.180                1.19                   1.175   

Swiss Francs             80,000            1.09                  1.065                1.055

Yen                             8,000,000         .010                .0088                     .0081

Accounts Payable

Brazilian Real                           600,000         .183                  .202                     .215

Pesos                          1,250,000         .046                  .043                    .041

Yen                             7,600,000         .015                  .019                     .021

REQUIRED:

1. Determine the amount at which the receivables and payables should be reported in Lagos’ December 31, 2019 balance sheet.

2. Calculate currency gains and losses that should appear in Lagos’ 2019 and 2020 income statements.

On January 1, 2018, Adams-Meneke Corporation granted 90 million incentive stock options to division managers, each permitting holders to purchase one share of the company’s $1 par common shares within the next six years, but not before December 31, 2020 (the vesting date). The exercise price is the market price of the shares on the date of grant, currently $20 per share. The fair value of the options, estimated by an appropriate option pricing model, is $2 per option. Management’s policy is to estimate forfeitures. No forfeitures are anticipated. Ignore taxes. Required: 1. Determine the total compensation cost pertaining to the options on January 1, 2018. 2. Prepare the appropriate journal entry to record compensation expense on December 31, 2018. 3. Unexpected turnover during 2019 caused an estimate of the forfeiture of 5% of the stock options. Determine the adjusted compensation cost, and prepare the appropriate journal entry(s) on December 31, 2019 and 2020.

Adam & Smith Ltd purchases a machine on 1/07/2019 for $450,000. Expected life is 6 years using straight-line method and no residual value. For tax purposes, ATO allows the company to depreciate over 5 years. The profit before tax of the company for the year ended at 30 June 2020 is $550,000. Tax rate is 25%. Required: a) What is the amount of the temporary difference? Does this give rise to a deferred tax asset or a deferred tax liability? Provide relevant journal entries that relates to the temporary difference at 30 June 2020. b) Determine the taxable profit and the taxes payable and provide relevant journal entries at 30 June 2015. c) Provide one example of temporary differences that create a deferred tax asset and one example of a deferred tax liability. (7 marks. Word limit for part c: minimum 120 to maximum 250 words)

Please provide unique answer from others.

On January 1, 2018, Adams-Meneke Corporation granted 15 million incentive stock options to division managers, each permitting holders to purchase one share of the company’s $1 par common shares within the next six years, but not before December 31, 2020 (the vesting date). The exercise price is the market price of the shares on the date of grant, currently $50 per share. The fair value of the options, estimated by an appropriate option pricing model, is $5 per option. Management’s policy is to estimate forfeitures. No forfeitures are anticipated. Ignore taxes.

Required:

1. Determine the total compensation cost pertaining to the options on January 1, 2018.
2. Prepare the appropriate journal entry to record compensation expense on December 31, 2018.
3. Unexpected turnover during 2019 caused an estimate of the forfeiture of 10% of the stock options. Determine the adjusted compensation cost, and prepare the appropriate journal entry(s) on December 31, 2019 and 2020.

On February 5, 2019, Javier Sanchez purchased and placed in service a new 7-year class asset costing $422,000 for use in his landscaping business, which he operates as a single member LLC (Sanchez Landscaping LLC). Rather than using bonus depreciation, Javier would like to use § 179 to expense $200,000 of this asset and then use regular MACRS to cost recover the remaining cost. During 2018, his business generated a net income of $506,400 before any § 179 immediate expense election. If required round your intermediate computations and final answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. Determine the cost recovery deductions (including first year additional depreciation) that Javier Sanchez can claim with respect to this asset in 2019 and 2020. Total cost recovery deduction in 2019: $ Total cost recovery deduction in 2020: $.

Depreciation and Rate of Return

Burrell Company purchased a machine for $19000 on January 2, 2016. The machine has an estimated service life of 5 years and a zero estimated residual value. The asset earns income before depreciation and income taxes of $9500 each year. The tax rate is 35%.

Required:

Compute the rate of return earned (on the average net asset value) by the company each year of the asset's life under the straight-line and the double-declining-balance depreciation methods. Assume that the machine is the company's only asset.

Straight-line method. Do not round intermediate calculations. Round final answer to two decimal places.

2016: ____%

2017: ____%

2018: ____%

2019: ____%

2020: ____%

Double-declining-balance depreciation method. Do not round intermediate calculations. Round final answer to two decimal places.

2016: ____%

2017: ____%

2018: ____%

2019: ____%

2020: ____%

***Please show all work and calculations****

On January 1, 2018, Adams-Meneke Corporation granted 24 million incentive stock options to division managers, each permitting holders to purchase one share of the company’s $1 par common shares within the next six years, but not before December 31, 2020 (the vesting date). The exercise price is the market price of the shares on the date of grant, currently $22 per share. The fair value of the options, estimated by an appropriate option pricing model, is $5 per option. Management’s policy is to estimate forfeitures. No forfeitures are anticipated. Ignore taxes.

Required:

1. Determine the total compensation cost pertaining to the options on January 1, 2018.
2. Prepare the appropriate journal entry to record compensation expense on December 31, 2018.
3. Unexpected turnover during 2019 caused an estimate of the forfeiture of 5% of the stock options. Determine the adjusted compensation cost, and prepare the appropriate journal entry(s) on December 31, 2019 and 2020.

Supply proofs for the following miscellaneous propositions from the course in a metric space context:

(a) A convergent sequence is bounded.

(b) The limit of a sequence is unique.

(c) A n -neighborhood is an open set.

(d) A finite union of open sets is open.

(e) A set is open if and only if its complement is closed.

(f) A compact set (you may use either definition) is closed and bounded.

”1. Describe the pathway of blood traveling through the closed system of the circulatory system starting with the right atrium.”

Click here to enter text.

Alternatively, you may also draw a map of blood traveling through the closed circulatory system and insert it below

”2. What are the main resistance vessels of the circulatory system? How are they controlled? ”

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A basic electrical circuit consists of a battery, a light bulb, a switch and wires connecting them. As soon as the switch is closed, even the light bulb is one mile away, the light bulb will be on IMMEDIATELY.  This means that the electrical current (made of moving electrons) starts to run everywhere in the wire as soon as the switch is closed . Explain what happen and the source(s) of these free moving electrons.